Bernstein says no:

I don't think conservatives "need Fox News."  For all the hype, it's very possible that the political achievements of Fox News, Rush, and the rest of it are limited to winning a whole bunch of ephemeral news cycles -- and if you think that's a big deal, I suspect that the guy who lives in the big house on Pennsylvania Avenue would be glad to tell you some stories about Hillary Clinton winning the nomination, John McCain winning the election, and seven or eight deaths of health care reform.

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